Predictive analytics
A branch of advanced analytics which makes predictions regarding future events using combination of historical data, Data mining techniques, statistical modeling, and Machine learning algorithms. Using Predictive analytics organization can observer trends, patterns and also identify risk and opportunities.
Predictive analytics
- Accuracy of the prediction
- Factors to be considered For predictive analytics
- Improvements needed to be implemented for higher Accuracy
- Determining possible number of frauds
- How likely to fraud happen
- Detects new and evolving fraud attacks
- Areas which more likely have fraud incidents
- How demand varies with Time, Money
- Needs of customer
- Improvements to be implemented to Fulfil the customer demands
- How a customer has contributed
- Forecast profitability
- Determining the region of improvement for growth
- Customer Acquisition budget
- How fast orders of customer are processed
- Measures that can be taken for faster processing the orders
- Factors that delay the order cycle time
Automotive
- Revenue Per Hour over a period of Time
- Actively work on optimizing your business processes
- Collect and Analyse the data on a regular basis helps reveal and eliminate obvious process flaws
- Analyse the Customer Retention over a period of time
- Identify the reasons for churn and avoid customer loss and maximize customer potential
- Build better customer relationships and improve marketing strategies
- Gross Profit over a period of Time
- Determine the reasons why the gross profit changes from period to period
- Reduce the expenses to achieve a higher gross profit margin
- Time Taken per Repair Order by vehicle characteristics
- Optimal resource allocation
- Quality of service and customer experience
- Time taken to complete the process
- Identify factors that impact a longer lead time
- Improve lead time by implementing automation
Supply Chain
- Measure the difference between your records of warehouse stock and real-life inventory
- Prevent stockouts, shortages, shrinkage
- Control inventory quality. Maintain a positive customer experience
- Keep a track on your delivery status for better customer experience
- Identify the reason and minimize late deliveries
- Improves sustainability
- Measure how many orders you ship without incidents like damaged goods, inaccurate orders or late shipments
- Implement order prioritization procedures based on delivery date for a better Perfect Order Rate
- Add Quality Check practices to multiple order fulfilment processes
- Measure the amount of inventory at a given time/year-wise compared to the number of sales orders it’s fulfilling
- Adjust your stocks to maintain high margin
- Improves efficiency and profits and provides a competitive advantage
- Calculate the average delivery time based on the distance to be covered
- Predict a more accurate delivery time to gain customer satisfaction
- Helps optimize your business processes and make better decisions
